Browsing by Author "GALE, Douglas"

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Browsing by Author "GALE, Douglas"

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    Title: Money, Financial Stability and Efficiency  Author(s): ALLEN, Franklin; CARLETTI, Elena; GALE, Douglas Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Most analyses of banking crises assume that banks use real contracts. However, in practice contracts are nominal and this is what is assumed here. We consider a standard banking model with aggregate return risk, aggregate ...
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    Title: Money, Financial Stability and Efficiency  Author(s): ALLEN, Franklin; CARLETTI, Elena; GALE, Douglas Date: 2011-01-16 Type of Publication: Working Paper Series/Report no.: Wharton Financial Institutions Center Abstract: Most analyses of banking crises assume that banks use real contracts. However, in practice contracts are nominal and this is what is assumed here. We consider a standard banking model with aggregate return risk, aggregate ...
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    Title: Bankruptcy, Finance Constraints, and the Value of the Firm  Author(s): GALE, Douglas; GOTTARDI, Piero Date: 2011-01-01 Type of Publication: Article Abstract: We study a competitive model in which market incompleteness implies that debt-financed firms may default in some states of nature, and default may lead to the sale of the firms' assets at fire sale prices when a finance ...
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    Title: Money, Financial Stability and Efficiency  Author(s): ALLEN, Franklin; CARLETTI, Elena; GALE, Douglas Date: 2011-01-01 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Most analyses of banking crises assume that banks use real contracts. However, in practice contracts are nominal and this is what is assumed here. We consider a standard banking model with aggregate return risk, aggregate ...
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    Title: Interbank Market Liquidity and Central Bank Intervention  Author(s): ALLEN, Franklin; CARLETTI, Elena; GALE, Douglas Date: 2009 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We develop a simple model of the interbank market where banks trade a long term, safe asset. We show that when there is a lack of opportunities for banks to hedge aggregate and idiosyncratic liquidity shocks, the interbank ...
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    Title: Illiquidity and Under-Valuation of Firms  Author(s): GALE, Douglas; GOTTARDI, Piero Date: 2009 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We study a competitive model in which market incompleteness implies that debt-financed firms may default in some states of nature and default may lead to the sale of the firms’ assets at fire sale prices when markets are ...
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    Title: A strategic model of labor markets with incomplete information  Author(s): GALE, Douglas Date: 1987 Type of Publication: Working Paper Series/Report no.: EUI Working Papers